Strategies like REPS and short term rental loop hole can be complex and expensive to get wrong from a time and money perspective. 

This also leads owners to ASSUME simpler is better when it comes to management contracts.

$50k / $1300 = 38 months to pay off your loan ... and you get to keep the asset.So many people are financially short-sighted and want immediate gratification, which is why so many Americans live paycheck-to-paycheck.

I’m in the market for a short term rental near campus.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Here’s a recent real world example. . .This deal was put together by my former student, current friend, and now successful real estate investor.Source: expired listingLocation: investor, Florida; property, IllinoisType: long term lease option via a sandwich leaseTerms between investor and homeowner:a) 48 monthsb) option to purchase price $135Kc) rent, $1200d) cash out of pocket, $0.

We also make sure to tell the tenants surrounding those units to let us know if they have any issues with short term tenants.

This is reason #42 why I only offer MTM leases.Now that that is out of the way, if they are on a term lease, just give proper notice to terminate based on your lease verbiage and local laws(!). 

Check your contract and make sure there was a defined process for change orders.

I think you need to read the contract you signed and the seller's disclosures you received to see if there are any apparent misrepresentations.